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Three-quarters of Norway’s income from corporation tax must be replaced when the oil industry shrinks. So it is not enough to reduce the wealth tax rate by 0.25 percent.
This is a comment. It is the attitude of the writer that is expressed.
I know Siv Jensen as a good lady and a skilled politician.
It is very nice to see that you find time to respond to my tax post at Nettavisen.
The FRP leader notes, among other things, that the wealth tax rate was reduced from 1.1% to 0.85%, while she held the position of Finance Minister from 2013 to 2020.
Also read: It looked brilliant when Siv Jensen smiled at the photographers. She forgot everything
Property tax increase
Basically I can agree with Siv that there are greater opportunities for lower taxes with a conservative / FRP government than with a red-green government in this country.
Norway’s longest-serving consistent finance minister in modern times is right that the wealth tax rate was lowered when she presided over the Finance Ministry.
However, what Siv does not mention, but knows very well, is that the calculation bases were adjusted upward, and we also received property tax in the same period.
Therefore, income from the wealth tax increased from approximately 14 billion in 2014 to 15.4 billion in 2017. With the property tax in addition, the tax burden on the wealth side increased significantly during its period.
Read Siv Jensen’s answer to Sissener: – It matters whether it is the left or the right that rules Norway, Sissener
The wealth tax is both absolute and relative numbers. In 2013, the risk-free interest rate was enough to cover the wealth tax, today it doesn’t even cover a quarter.
Siv is correct that the FRP did something positive with the structure of the tax system while she was Finance Minister, and I understand that the FRP failed to pass all of its tax policy in partnership with the Conservatives, Liberals and Christian Democrats.
However, there is no doubt that not enough was done. In fact, I think Siv agrees with me.
The total level of taxes should go down
I do not see the need for a debate on who has done more or less to reduce the level of taxes in Norway.
Nor is my goal that the overall tax level should be lowered. I am concerned about the facility and that business owners and the business community should have predictable and livable framework conditions, especially when it comes to taxes.
In fact, Norway will lose nearly NOK 200 billion in revenue as a result of the planned downsizing of the oil industry.
As I mentioned before, no one has yet had a good idea how this income will be replaced.
Here you can read more of Jan Petter Sissener’s posts.
Yes, perhaps with the exception of the Green Party’s perennial focus on algae and seaweed.
Three-quarters of the corporate taxes that Norway has lived well on for several decades will disappear in a relatively few years.
The death sentence of the red greens
To meet this challenge, our elected representatives must take more action than discuss whose estate tax has been reduced by a very small percentage.
Raising it the way the red greens want it can be the death sentence for Norwegian competitiveness.
It’s a shame that Siv doesn’t address the issue of taxing income and not assets, and addresses that equity investments are taxed at 47 percent, while interest and real estate investments are taxed at 22 percent.
Also read: Welcome to the dream world of the MDGs
I have not yet mentioned the other disadvantages of Norwegian investors, nor the capital structure on the Oslo Stock Exchange. Is coming.
We need a common impulse, and I would like little more than a bourgeois majority, preferably with Siv and Frp in government offices.
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